Breaking: Ryan Petersen Ousted as CEO of OCZ Technology

We have just received news that OCZ’s founder and CEO has been ousted by the Board of Directors and has been replaced in the interim by Alex Mei, the company’s CMO.

According to OCZ’s statement"Alex Mei, Executive Vice President and Chief Marketing Officer as Interim CEO, effective immediately. Mr. Mei’s appointment follows the Board’s acceptance of Ryan Petersen’s resignation as President, CEO and a director of the Company. Mr. Mei will also maintain his current responsibilities as EVP and Chief Marketing Officer until a permanent CEO has been selected."

While the details regarding Ryan’s departure are yet to be known, it is safe to assume that many of OCZ’s recent missteps led to his departure today. Ryan has been pivotal in the establishment and growth of the company and had experienced some of OCZ’s greatest growth as a company while CEO. However, lately, there has been a lot of bad news regarding OCZ including their poor fiscal performance, as well as the collapse of the rumored acquisition by Seagate.

While we really don’t know what the future holds for OCZ at this point, hopefully, the company will be able to overcome these two big issues that have burdened the stock in the past few months. We hope that investors will not be punished for Ryan’s possible mistakes and that the company can get back up on its feet. We will add more to this story as we get more information from secondary sources and the story develops.